Pandemic will cost the Dominican Republic US$6.0B

Santo Domingo.- The pandemic will cost the Dominican Republic won’t receive some US$6.0 billion this year with respect to what was initially planned. A projected drop in exports, remittances and tourism, which are the largest sources of foreign exchange for the country, will be responsible for the decline.

This projection is from the International Monetary Fund (IMF), according to the report by the team that analyzed the country’s prospects in the face of the crisis generated by COVID-19, in the framework of the request made by the government for a quick loan before that multilateral entity.

“The urgent needs of the balance of payments in 2020 arise from a deterioration in tourism and commercial activities in the free zones, and a drop in the flow of capital, despite the fact that the historical reduction in oil prices compensates for some of those pressures,” the IMF said.

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